Key Highlights
- Bitcoin faced a few rejections near $65,500.
- There was a move below a bullish trend line with support at $64,850 on the 4-hour chart of BTC/USD.
- Ethereum also struggled above $1,920 and trimmed gains.
- The US Consumer Price Index could increase by 3.4% in July 2026 (YoY).
Bitcoin Price Technical Analysis
Bitcoin price made another attempt to settle above $65,500 against the US Dollar but failed. BTC started a fresh decline, but losses were limited.
Looking at the 4-hour chart, the price formed a high near $65,409 and started a fresh decline. There was a move below $65,000 and $64,850. The price traded below the 38.2% Fib retracement level of the upward move from the $62,194 swing low to the $65,409 high.
BTC spiked below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). If the bears remain in action, the price might find bids near the 61.8% Fib retracement level at $63,420.
A downside break and close below $63,420 could trigger a sharp decline. In the stated scenario, the price could test $62,000 or even $61,200.
On the upside, an immediate resistance could be $65,000. The first major resistance might be $65,500. The main resistance might be $66,800. A close above $66,800 could send the price toward $68,800. Any more gain might call for a test of $70,000.
Looking at Ethereum, the price seems to be facing a major hurdle near $1,920 and $1,950. The key support might be $1,820.
Today’s Key Economic Releases
- US Consumer Price Index for July 2026 (MoM) – Forecast +0.1%, versus -0.4% previous.
- US Consumer Price Index for July 2026 (YoY) – Forecast +3.4%, versus +3.5% previous.
- US Consumer Price Index Ex Food & Energy for July 2026 (YoY) – Forecast +2.5%, versus +2.6% previous.
